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TMI Blog1992 (10) TMI 55X X X X Extracts X X X X X X X X Extracts X X X X ..... to the Hindu undivided family deposited by its karta in public provident fund in his individual name ? " The question is referred at the instance of the Revenue, because, its claim was negatived by the Appellate Tribunal. A sum of Rs. 1,50,000 was standing in the name of a member of a Hindu undivided family in the provident fund account. While computing the assessable wealth of the Hindu undivided family, this sum was sought to be excluded under section 5(1)(xviia) of the Wealth-tax Act by the assessee. This claim was not accepted by the Wealth-tax Officer on the ground that the language of the clause did not permit such exclusion ; clause (xviia) specifically refers only the "individual ". The Appellate Tribunal relied on the decision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it of the said clause cannot be extended to the case of the Hindu undivided family, even though the provident fund was actually created by the contribution made by the Hindu undivided family. Mr. Hemaraj, learned counsel for the assessee, relied on the opening clause of section 5(1) and contended that the exclusion is in respect of the enumerated assets. In other words, if a particular asset belongs to an assessee, the said asset will have to be excluded in case such an asset falls within the purview of any of the clauses enumerated under section 5(1). The charge is on the net wealth of an assessee under section 3. The term " assets " is defined under section 2(e). Under section 4, certain assets are included in the net wealth of an asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dual " includes a group of individuals like Mappilla Marumakkathayam tarwards ; if so, the Hindu undivided family also could be brought under the said concept. At page 312, the Supreme Court observed: " The enactment is intended to provide for the levy of wealth-tax the general scheme thereof is to assess all persons who happen to possess or earn wealth beyond a particular limit fixed by the statute to wealth-tax and since the Act imposes a general tax on the entire wealth of the community the presumption would be of equality of incidence rather than exemption of a few. Secondly, the term " individual " under section 13(2) of the General Clauses Act, 1897, can be read in the plural and, as such, would include a body or group of individuals ..... X X X X Extracts X X X X X X X X Extracts X X X X
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